The Corporate Affairs Commission (CAC) has said that Point of Sales (PoS) agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, must have registered their businesses by July 7, 2024.
The Registrar-General of the CAC, Hussaini Magaji, who disclosed this in a statement issued by the Commission, said this was the agreement with the PoS operators after a meeting in Abuja on Monday.
According to him, the registrations is also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).
Magaji said that the timeline for the registration was not targeted at any groups or individuals but genuinely aimed at protecting businesses.
He further stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.
According to the statement, Special Adviser to President Bola Tinubu on ICT development and innovation, Tokoni Igoin Peter, in his remarks at the meeting, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
CAC disclosed that fintechs represented at the meeting include Opay, Momba; Palmpay Ltd.; Paystack, Fairmoney Micro Finance Bank; Moniepoint, and Teasy Pay. It added that the highlight of the event was the signing of a document by the representatives to support the project.
The need to get the PoS agents registered is one of the moves by the regulators to tackle the issue of fraud through PoS.